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GLDD: Capitalizing on Coastal Defense and Infrastructure
Blank Capital Research Team
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Executive Summary
Great Lakes Dredge & Dock Corporation (GLDD) is the largest provider of dredging services in the United States. With a massive, specialized fleet, GLDD is the primary contractor for port deepening, coastal restoration, and the burgeoning offshore wind sector.
Investment Thesis
GLDD operates in a highly protected oligopoly, shielded by the Jones Act (which mandates U.S. built, owned, and crewed vessels for domestic maritime operations). The company is entering a multi-year super-cycle of infrastructure spending. Massive federal funding (via the Army Corps of Engineers) is being deployed for coastal resiliency projects and port expansions to accommodate larger cargo ships. Concurrently, GLDD is pioneering the U.S. offshore wind supply chain, having built the first Jones Act-compliant subsea rock installation vessel.
Key Growth Drivers
Federal Infrastructure Spending
Record budgets allocated to the Army Corps of Engineers provide unparalleled visibility and a massive backlog for capital dredging and coastal protection projects.
Offshore Wind Expansion
The U.S. offshore wind market requires specialized Jones Act vessels. GLDD's strategic investment in rock installation vessels positions them as a monopoly provider for this critical phase of turbine construction.
Fleet Modernization Strategy
Management has strategically retired older, inefficient dredges and deployed capital into new, high-capacity vessels, significantly improving operating margins and project execution efficiency.
Valuation & Financial Modeling
GLDD recently experienced a severe cyclical trough due to delayed government bidding. As the backlog has rebuilt to record levels, the stock is emerging from this trough. Trading at roughly 7x forward EBITDA, the valuation does not fully price in the sustained earnings power of the modernized fleet combined with the offshore wind kicker.
Risk Factors & Bear Case
GLDD's revenue is heavily dependent on federal and state budgets; political gridlock that delays project bidding can create significant quarter-to-quarter earnings volatility. Furthermore, offshore wind projects face regulatory, environmental, and inflationary hurdles that could delay deployment.
Conclusion
Great Lakes Dredge & Dock owns a wide economic moat protected by federal law and capital intensity. It is perfectly positioned to harvest billions in guaranteed government infrastructure spend over the next decade. Rated 'Strong Buy'.
Upcoming Catalysts
No upcoming catalysts identified.
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Relative valuation derived from Industrials sector median benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Multiples adjusted for extreme outliers and non-recurring volatility.
Auditing capital efficiency...
Quality Profile Audit
Score: 50GRADE C+
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation.
Return on Equity
Profit generated per dollar of shareholder equity
13.5%
Sector: 8.9%
Dividend Analysis audit
No Dividend
This company does not currently pay a dividend.
Analyst Projections
Analyst Consensus
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Based on our 6-factor quantitative model, Great Lakes Dredge & Dock CORP (GLDD) receives a "Buy" rating with a composite score of 56.7/100, ranked #17 out of 4446 stocks. Key factor scores: Quality 50/100, Value 69/100, Momentum 70/100. This is quantitative analysis only — not investment advice.
Great Lakes Dredge & Dock CORP (GLDD) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does Great Lakes Dredge & Dock CORP Do?
Great Lakes Dredge & Dock Corporation provides dredging services in the United States. The company engages in capital dredging that consists of port expansion projects; coastal restoration and land reclamations; trench digging for pipelines, tunnels, and cables; and other dredging related to the construction of breakwaters, jetties, canals, and other marine structures. It is also involved in coastal protection projects that comprises of moving sand from the ocean floor to shoreline locations where erosion threatens shoreline assets; maintenance dredging, which consists of the re-dredging of previously deepened waterways and harbors to remove silt, sand, and other accumulated sediments; land reclamations, channel deepening, and port infrastructure development; and lake and river dredging, inland levee and construction dredging, environmental restoration and habitat improvement, and other marine construction projects. The company serves federal, state, and local governments; foreign governments; and domestic and foreign private concerns, such as utilities, oil, and other energy companies. It operates a fleet of 18 dredges, 17 material transportation barges, 1 drillboat, and various other support vessels. The company was formerly known as Lydon & Drews Partnership and changed its name to Great Lakes Dredge & Dock Corporation in 1905. Great Lakes Dredge & Dock Corporation was founded in 1890 and is headquartered in Houston, Texas. Great Lakes Dredge & Dock CORP (GLDD) is classified as a small-cap stock in the Industrials sector, specifically within the Construction industry. The company is led by CEO Lasse J. Petterson and employs approximately 430 people, headquartered in Wilmington, Texas. With a market capitalization of $1.1B, GLDD is one of the notable companies in the Industrials sector.
Great Lakes Dredge & Dock CORP (GLDD) Stock Rating — Buy (April 2026)
As of April 2026, Great Lakes Dredge & Dock CORP receives a Buy rating with a composite score of 56.7/100 and 4 out of 5 stars from the Blank Capital Research quantitative model.GLDD ranks #17 out of 4,446 stocks in our coverage universe. Within the Industrials sector, Great Lakes Dredge & Dock CORP ranks #3 of 752 stocks, placing it in the top 10% of its Industrials peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
GLDD Stock Price and 52-Week Range
Great Lakes Dredge & Dock CORP (GLDD) currently trades at $16.93. The stock lost $0.02 (0.1%) in the most recent trading session. The 52-week high for GLDD is $16.99, which means the stock is currently trading -0.4% from its annual peak. The 52-week low is $7.51, putting the stock 125.4% above its annual trough. Recent trading volume was 1.5M shares, reflecting moderate market activity.
Is GLDD Overvalued or Undervalued? — Valuation Analysis
Great Lakes Dredge & Dock CORP (GLDD) carries a value factor score of 69/100 in the Blank Capital model, indicating fair valuation relative to historical norms. The trailing price-to-earnings ratio is 16.29x, compared to the Industrials sector average of 28.33x — a discount of 42%. The price-to-book ratio stands at 2.20x, versus the sector average of 2.23x. The price-to-sales ratio is 1.38x, compared to 0.50x for the average Industrials stock. On an enterprise value basis, GLDD trades at 13.53x EV/EBITDA, versus 5.70x for the sector.
Overall, GLDD's valuation appears roughly in line with sector benchmarks, suggesting the market is pricing the stock fairly given its current fundamentals and growth trajectory. Neither deep value nor significantly overpriced, the stock occupies a middle ground on valuation.
Great Lakes Dredge & Dock CORP Profitability — ROE, Margins, and Quality Score
Great Lakes Dredge & Dock CORP (GLDD) earns a quality factor score of 50/100, indicating solid business quality with consistent operational execution. The return on equity (ROE) is 13.5%, compared to the Industrials sector average of 8.9%, which is within a healthy range. Return on assets (ROA) comes in at 5.4% versus the sector average of 3.3%.
On a margin basis, Great Lakes Dredge & Dock CORP reports gross margins of 22.2%, compared to 35.8% for the sector. The operating margin is 13.1% (sector: 6.2%). Net profit margin stands at 8.1%, versus 3.9% for the average Industrials stock. Revenue growth is running at 14.8% on a trailing basis, compared to 6.4% for the sector. The overall profitability profile is adequate, though there may be room for margin expansion.
GLDD Debt, Balance Sheet, and Financial Health
Great Lakes Dredge & Dock CORP has a debt-to-equity ratio of 73.0%, compared to the Industrials sector average of 70.0%. Leverage is within a manageable range for the industry, though investors should monitor debt trends over time. The current ratio is 1.01x, suggesting adequate working capital coverage. Total debt on the balance sheet is $378M. Cash and equivalents stand at $13M.
GLDD has a beta of 0.92, meaning it is roughly in line with the broader market in terms of price volatility. The stability factor score for Great Lakes Dredge & Dock CORP is 74/100, indicating low-volatility characteristics and consistent price behavior that appeals to risk-averse investors.
Great Lakes Dredge & Dock CORP Revenue and Earnings History — Quarterly Trend
In TTM 2026, Great Lakes Dredge & Dock CORP reported revenue of $823M and earnings per share (EPS) of $1.10. Net income for the quarter was $70M. Gross margin was 22.2%. Operating income came in at $112M.
In FY 2025, Great Lakes Dredge & Dock CORP reported revenue of $888M and earnings per share (EPS) of $1.10. Net income for the quarter was $73M. Gross margin was 22.9%. Revenue grew 16.5% year-over-year compared to FY 2024. Operating income came in at $128M.
In Q3 2025, Great Lakes Dredge & Dock CORP reported revenue of $195M and earnings per share (EPS) of $0.27. Net income for the quarter was $18M. Gross margin was 22.4%. Revenue grew 2.1% year-over-year compared to Q3 2024. Operating income came in at $28M.
In Q2 2025, Great Lakes Dredge & Dock CORP reported revenue of $194M and earnings per share (EPS) of $0.15. Net income for the quarter was $10M. Gross margin was 18.9%. Revenue grew 13.9% year-over-year compared to Q2 2024. Operating income came in at $17M.
Over the past 8 quarters, Great Lakes Dredge & Dock CORP has demonstrated a growth trajectory, with revenue expanding from $170M to $823M. Investors analyzing GLDD stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
GLDD Dividend Yield and Income Analysis
Great Lakes Dredge & Dock CORP (GLDD) does not currently pay a dividend. This is common among smaller companies in the Construction industry that prefer to reinvest cash flows into business expansion rather than returning capital to shareholders. Income-focused investors looking for Industrials dividend stocks may want to explore other Industrials stocks or use the stock screener to filter by dividend yield.
GLDD Momentum and Technical Analysis Profile
Great Lakes Dredge & Dock CORP (GLDD) has a momentum factor score of 70/100, indicating strong price momentum with the stock outperforming the majority of the market over recent periods. Stocks with high momentum scores have historically tended to continue their outperformance in the near term. The investment factor score is 27/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 38/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.
GLDD vs Competitors — Industrials Sector Ranking and Peer Comparison
Comparing GLDD against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full GLDD vs S&P 500 (SPY) comparison to assess how Great Lakes Dredge & Dock CORP stacks up against the broader market across all factor dimensions.
GLDD Next Earnings Date
No upcoming earnings date has been announced for Great Lakes Dredge & Dock CORP (GLDD) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy GLDD? — Investment Thesis Summary
The bull case for Great Lakes Dredge & Dock CORP rests on several quantitative strengths. The value score of 69/100 suggests attractive pricing relative to fundamentals. Price momentum is positive at 70/100, suggesting the trend favors buyers. Low volatility (stability score 74/100) reduces downside risk.
In summary, Great Lakes Dredge & Dock CORP (GLDD) earns a Buy rating with a composite score of 56.7/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on GLDD stock.
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Execution Benchmarks audit
Revenue Growth
YOY expansion rate
14.8%
Sector: 6.4%
+132% VS SCTR
Gross Margin
Core pricing power
22.2%
Sector: 35.8%
-38% VS SCTR
Operating Margin
Operating efficiency
13.1%
Sector: 6.2%
+111% VS SCTR
Net Margin
Bottom-line conversion
8.1%
Sector: 3.9%
+110% VS SCTR
Return on Equity
Equity capital efficiency
13.5%
Sector: 8.9%
+51% VS SCTR
Return on Assets
Asset base utilization
5.4%
Sector: 3.3%
+67% VS SCTR
Debt/Equity
Financial leverage load
73.0%
Sector: 70.0%
IN LINE
Dividend Yield
Direct cash return
0.0%
Sector: 0.0%
-NaN% VS SCTR
-1%
Price / Sales
1.4x
+176%
Great Lakes Dredge & Dock CORP exhibits a 67% valuation premium relative to institutional benchmarks. This represents a potential valuation overextension based on current multiples.
Return on Assets
Efficiency of asset utilization
5.4%
Sector: 3.3%
Gross Margin
Pricing power and cost efficiency
22.2%
Sector: 35.8%
Operating Margin
Core business profitability
13.1%
Sector: 6.2%
Net Margin
Bottom-line profitability
8.1%
Sector: 3.9%
Factor Methodology
The Quality factor evaluates the persistence and magnitude of cash flows. Companies with scores >70 exhibit superior competitive moats and financial resilience through economic cycles.